Net-Leased Home Improvement
For Sale
Contact for pricing
490 McKinley Street, Corona, CA 92879
Single-tenant Home Depot with remaining primary term and scheduled rent increases in a regional shopping center.
Property Size100,000 SF
Lot Size8.82 Acres
Price / SF$299.07
Days on Market101
Property Features for 490 McKinley Street
General Information
Standard status
Active
Size
100,000 SF
Total Parking Spaces
280
Lot size
8.82 Acres
Property subtype
Retail
Occupancy
100%
Net Operating Income
$1,600,000
Site & Location
Traffic Count
220,000 vehicles/day
Highway Access
Yes
Additional Details
Business Included
Yes
Building Details
Year Built
1989
Tenancy
Single
Listing Agency:
CBRE - Atlanta
Listed By:
Brian Pfohl · License #GA 349355
(404) 504-7893
Source:
Crexi
Added: May 28
Changed: Sep 3
Last Checked: Sep 5 at 12:28AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of CBRE - Atlanta
Investment Insights
Based on property information with market context.
CBRE is pleased to offer for sale a 100,000-square-foot Home Depot on 8.82 acres in Corona, CA. The property is occupied under a net lease with approximately 8.7 years remaining in the primary term. The lease includes an 8.13% rent increase in 2030, plus two additional 5-year renewal options with 10% rent increases at the onset of each option. The offering represents a stabilized single-tenant retail asset anchored by Home Depot.
Home Depot serves as a central anchor of Corona Hills Plaza, a 489,151-square-foot shopping center. The center is home to a mix of national retailers including Costco, TJ Maxx, Ross Dress for Less, Five Below, Dollar Tree, and Big 5 Sporting Goods, along with dining concepts such as Lazy Dog Restaurant & Bar and Texas Roadhouse. The property is located at 490 McKinley Street and is positioned for visibility and access along State Route 91 (approximately 220,000 VPD) near the I-15 interchange, with direct connectivity off the McKinley Street exit.
For investors seeking a net-leased, single-tenant retail purchase with contractually defined remaining term and scheduled rent steps, this Home Depot provides a straightforward tenant/lease structure within a broader retail destination serving regional demand.
Home Depot serves as a central anchor of Corona Hills Plaza, a 489,151-square-foot shopping center. The center is home to a mix of national retailers including Costco, TJ Maxx, Ross Dress for Less, Five Below, Dollar Tree, and Big 5 Sporting Goods, along with dining concepts such as Lazy Dog Restaurant & Bar and Texas Roadhouse. The property is located at 490 McKinley Street and is positioned for visibility and access along State Route 91 (approximately 220,000 VPD) near the I-15 interchange, with direct connectivity off the McKinley Street exit.
For investors seeking a net-leased, single-tenant retail purchase with contractually defined remaining term and scheduled rent steps, this Home Depot provides a straightforward tenant/lease structure within a broader retail destination serving regional demand.
Key Highlights
- 100,000 SF single‑tenant Home Depot on 8.82 acres in Corona, CA (Home Depot in Corona Hills Plaza).
- Net lease has 8.7 years remaining in the primary term and includes a scheduled 8.13% rent increase in 2030.
- Lease includes two 5‑year renewal options with 10% increases at the start of both renewal options.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$1,383,480
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.63%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$27,669,600
$27.7M
Cap Rate 7%
$19,764,000
$19.8M
Cap Rate 9%
$15,372,000
$15.4M
Market Conditions
NOI Build-Up for 100,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$2.16M $21.60/SF
− Vacancy
−$183.6K −$1.84/SF
EGI
$1.98M $19.76/SF
− OpEx
−$592.9K −$5.93/SF
NOI
$1.38M $13.83/SF
Area
Corona, CA
Vacancy
8.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$27,669,600
Cap Rate 7%
$19,764,000
Cap Rate 9%
$15,372,000
Alternative Uses
Best Use
Retail
$19.76M
$17.29M – $23.06M
NOI $1,383,480 @ 7.0% cap · market cap 4.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$31.10M
$27.22M – $36.29M
NOI $2,177,280 @ 7.0% cap · market cap 7.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
220,000 VPD
Traffic count
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,239
Businesses Nearby
565k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 26%
Superstores 26%
Dining 21%
Apparel 9%
Costco Wholesale
Superstores
144,660 visits/mo
0.2 miles
Costco Gasoline
Shops & Services
85,016 visits/mo
0.3 miles
99 Ranch Market
Groceries
50,732 visits/mo
0.4 miles
T.J. Maxx
Apparel
47,304 visits/mo
0.3 miles
The Home Depot
Home Improvements & Furnishings
45,492 visits/mo
0.1 miles
Demographics for 92879, CA
47,243
Population
14,919
Households
3.2
Avg Household Size
35
Median Age
23%
College-Educated
80%
High-School Grad
9.8 sq mi
ZIP Area
4,821
Density / Sq Mi
$91,862
Median Household Income
$42,496
Median Earnings
$1,968
Median Rent
$592,000
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Single-tenant Home Depot with remaining primary term and scheduled rent increases in a regional shopping center.
Where is this retail space located?
The property is located at 490 McKinley Street Corona, CA.
What is the asking price?
The asking price for this property is $29,906,542.
What are key features of this property?
This property features: 100,000 SF single‑tenant Home Depot on 8.82 acres in Corona, CA (Home Depot in Corona Hills Plaza).; Net lease has 8.7 years remaining in the primary term and includes a scheduled 8.13% rent increase in 2030.; Lease includes two 5‑year renewal options with 10% increases at the start of both renewal options.
